A ONCE-STRUGGLING £17m apartment block, which was on the cusp of being “credit crunched” has been officially opened.

Bootle’s Stella Nova is also boasting a remarkable turnaround, and now has just eight flats on the rental market, out of a total of 142.

The new tower, which is opposite Bootle Strand, was opened by Sefton’s mayor, Cllr Alf Doran, on Monday. But towards the end of the summer the project almost fell foul of the debt crisis.

Dozens of prospective buyers who had signed up to buy flats at the height of the property market in 2007 tried to pull out of their purchases. The fall in values had made getting a buy-to-let mortgage almost impossible.

Mossley Hill-based developer Dreaming Spires rescinded their contracts and started litigation against them.

But buyers contacted by the Daily Post yesterday said they had reluctantly completed on their flats. Some were stung with a bill for interest after completing late and had to pay legal fees. It remains unclear if Dreaming Spires is still taking action against any prospective buyers.

But letting agents Clark and Davidson say 134 of the 142 available apartments are now let to tenants. Managing agent Jeremy Clark said: “This project began over five years ago and it is marvellous to see so many people here today to help us celebrate the official opening.

“It was an enormous undertaking, which required great insight and forethought on the part of Dreaming Spires. Daily we are having residents come into the office and tell us how much they are enjoying living in Bootle at Stella Nova. I am proud to say that Stella Nova is now an iconic landmark.”

But one buyer, who was not involved in litigation but completed weeks after the deadline because of complications, said last night: “Had I known two years ago what would happen, I wouldn’t have got into it – but you make your bed and lie in it.”

Another, who bought a flat after legal action started, added: “It’s not great news. My parents bailed me out, they re-mortgaged their house.”